• 15 hours Shell Oil Trading Head Steps Down After 29 Years
  • 19 hours Higher Oil Prices Reduce North American Oil Bankruptcies
  • 21 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 23 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 1 day Venezuela Officially In Default
  • 1 day Iran Prepares To Export LNG To Boost Trade Relations
  • 1 day Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 1 day Saudi Oil Minister: Markets Will Not Rebalance By March
  • 2 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 2 days Rosneft Announces Completion Of World’s Longest Well
  • 2 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 2 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 2 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 2 days Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 3 days Africa’s Richest Woman Fired From Sonangol
  • 3 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 3 days Russian Hackers Target British Energy Industry
  • 3 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 3 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 3 days Lower Oil Prices Benefit European Refiners
  • 3 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 4 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 4 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 4 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 4 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 4 days OPEC To Recruit New Members To Fight Market Imbalance
  • 4 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 5 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 5 days GE Considers Selling Baker Hughes Assets
  • 5 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 5 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 5 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 5 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 5 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 8 days The Oil Rig Drilling 10 Miles Under The Sea
  • 8 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 8 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 8 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
New Battery Design Could Crush Tesla

New Battery Design Could Crush Tesla

Elon Musk’s old rival, Henrik…

Cobalt Prices To Rocket As Tech Giants Scramble For Supplies

Cobalt Prices To Rocket As Tech Giants Scramble For Supplies

As the electric vehicle revolution…

Iran Launches 15,000 Bpd Production From Azar Field

Pipeline

Iran said that it launched on Tuesday production of crude oil - at an initial rate of 15,000 bpd – from the Azar oil field that it shares with neighboring Iraq.

Crude oil production from the field is expected to double in the spring, and then reach 65,000 bpd by the end of the next Iranian calendar year in March 2018, Iranian oil ministry’s news service, Shana, reported on Tuesday.

The development plan of the project consists of drilling a total of 19 wells in 55 months, as well as designing and building required surface facilities, separation units and transport pipelines.

According to Iran’s Oil Minister Bijan Zangeneh, production of crude oil from the Azar field can reach 100,000 bpd once its second phase development project becomes operational, Iran’s oil ministry news service claims.

According to energy consultancy Wood Mackenzie, Azar, as well as the Changuleh field, are two of the most recent discoveries in the Islamic Republic. The two fields lie within the prolific Zagros fold belt in the west of Iran on the border with Iraq. Unlike Changuleh, Azar is a joint field shared with Iraq, and the Iraqi part of Azar is called Badra.

The stony surface conditions at the Azar field have impeded development, according to Oil & Gas Journal which says that the field is estimated to contain 400 million barrels of oil.

Related: An OPEC Deal Extension Won’t Affect Oil Prices

Iran is firm in its self-proclaimed mission to reach pre-sanction levels of oil output and exports, and is using to the full the kind of ‘exemption’ it obtained from fellow OPEC members to slightly raise output while others have to cut.

In the past few weeks, Iran and Iraq agreed to bury their differences on joint oil fields and build a pipeline to export crude oil from the Kirkuk fields, in the north of Iraq, through Iran, according to media in the Middle East.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News